Afrinvest Stock Recommendation for the Week 100521

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Monday, May 10, 2021  / 11:38 AM / by Afrinvest Research / Header Image Credit: Titan FX

 

Market Last Week (Our Observations)

  • Last week, the local bourse reversed the previous week's bullish performance as investors took profits in bellwether stocks such as MTNN, DANGCEM, STANBIC, and WAPCO. Consequently, the NSE All-Share Index closed southwards on 3 of the 4 trading sessions, declining 1.6% w/w to settle at 39,198.75 points. Similarly, YTD loss worsened to -2.7% and market capitalisation shed N415.9bn w/w to N20.4tn. 
  • Performance across sectors was mixed as 3 of the 6 indices under our coverage trended southward w/w. The AFR-ICT index led laggards, down 3.7% while the Insurance and Industrial Goods indices trailed, shedding 2.2% and 1.6% w/w respectively. Conversely, the Oil & Gas index rose 5.3% while the Banking and Consumer Goods indices appreciated 0.6% apiece.
  • The top performing stocks for the week were ROYALEX (+22.6%), SOVRENIN (+17.4%) and LINKASSURE (+13.1%) while COURTVILLE (-13.0%), NEM (-10.8%) and BOCGAS (-10.0%) were the laggards


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator strengthened to 1.5x from 1.1x recorded previously.

  • Although the equities market performance was bearish last week, we anticipate a rebound this week as investors take advantage of bargain hunting opportunities on renewed sentiments from the build-up in oil prices (+2.0% w/w). 

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 14th May 2021.


 

Proshare Nigeria Pvt. Ltd.


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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